Market Outlook for the day – Nifty is consolidating at current levels but some sectors like Auto, Metal, Infra & Realty are well placed and more likely to continue their positive bias in the next session.
Maruti Suzuki India has sold 1,00,964 units of vehicles in the domestic market in June, up 31 per cent from 77,002 units sold in the same period last year.
M&M said its total domestic tractor sales rose 8% to 28,893 units in June 2014 over June 2013. Total tractor exports fell 3% to 991 units in June 2014 over June 2013.
Bharat Heavy Electricals has successfully commissioned a 250 megawatts thermal unit in Rajasthan.
L&T construction division won a contract of Rs 2442 crore from Bharat Sanchar Nigam.
As per HSBC Purchasing Manager Index (PMI), the manufacturing sector has registered strongest growth in June since February. The index rose to 51.5 in June from 51.4. Though the increase is marginal the important thing is that the manufacturing output has increased for the eighth successive month. At the same time, growth of export orders has hit a three-month high.
On hopes of strong economic measures in the upcoming Union Budget and on sustained foreign fund inflows, Sensex and Nifty edged higher on the first trading session of July. Firmness in European stocks and the result of a HSBC PMI showing that growth in the India's manufacturing sector was maintained in June 2014 also supported domestic bourses. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up more than 1%, outperforming the Sensex.